Famous for its enchanting landscapes and diverse cultures, India has a close relationship with betting considering at least 80% of its citizens gamble annually. However, most betting activities in the Hundustan state remain illegal since the country lacks established gambling regulations.
Despite the lack of clear gambling regulations, India has a thriving online gambling market that’s expected to grow by 8.59% CAGR from 2023 to 2027. The market is also expected to feature 12.17 million players by 2027. Here are five interesting truths about betting economics and statistics in the Indian market.
India loses $140+ million in revenue due to lack of betting regulations
India features a complex regulatory landscape for betting. Some states have legalized betting activities like horse racing and lotteries, but others like Tamil Nadu and Andra Pradesh have imposed bans on all gambling activities. However, Indians are increasingly engaging in betting activities powered by the accessibility of online gambling.
Since most types of gambling in India are unregulated or illegal, the Indian authorities reportedly lose over $140 million annually. The local authorities are also expected to lose more as India’s online gambling market is expected to reach $2.90 billion in revenue by the end of 2024. Unfortunately, over 60% of this revenue will be claimed by US companies due to a lack of properly established regulations in the market.
Best betting sites in India
Despite the challenges imposed by the lack of a clear regulatory landscape, India’s online gambling market is growing, powered by the booming demand for these services. Most Indians are choosing to place their bets through offshore betting sites, with Stake ranking as the best betting site for residents. This leading gambling platform stands out for its lucrative promotions and you can find a bonus code valid in India in 2024 whether you want to bet in rupees, dollars, or cryptocurrency.
India’s online betting market will have over 12 million players by 2027
While online gambling is banned in several Indian states, the industry is welcoming more players every year. Market experts project the market will feature over 12 million players in 2027, underlining the industry’s potential in the country. However, different Indian local governments like Tamil Nadu are responding by banning the activity to avoid illegal gambling in their jurisdictions.
The average revenue per player in India’s Online gambling industry is $291
Statistics suggest that the average revenue per bettor in the Indian online betting industry is $291, equivalent to around 23,000 rupees per player. That explains why Indians are increasingly getting interested in online gambling, with some residents calling for proper regulation instead of banning the activity. The proper regulations should include firm gambling rules, education to bettors for responsible gambling, age verification, and strict advertising rules.
Over 80% of India’s sports betting revenue comes from cricket
Almost 90% of all sports bets placed on the Indian market come from cricket, the country’s most popular game. Cricket came to India from England during the British rule in the country and it has grown into a fan favorite over the years. However, Indian sports bettors also place bets on Kabaddi, football, and others.